Hot Investment Tip: Republicrats! Demicans!
Wall Street investors and top-heavy hedge funds are confusing the shit out of campaign comptrollers. Starchy, Right-leaning money managers from Greenwich, Connecticut are throwing money at Democrats, while Croc-wearing Volvo drivers are getting behind Republicans. Totally nuts, these guys. Cats and dogs, living together.
But cash is cash, so who cares, right? In explaining this paranormal political crossover, the New York Times says "writing checks to political candidates can be as much about doing favors for friends and business associates as supporting deeply held political beliefs."
Below, more light is shed:
The result has been a blurring of the ideological fault lines as registered Republicans in Greenwich, Conn., give to Senator Obama, and hard-core Democrats like [Steven] Wright contribute to Senator McCain. Fueling the trend are the age-old practice of hedging bets and an extraordinary pressure on a small number of donors in the financial services industry to help provide the hundreds of millions of dollars that candidates need for their marathon campaigns. "It's crazy, insane," Mr. Wright said, speaking of the frantic calls he gets from other fund-raisers, friends and business associates, Democratic and Republican, as they work to meet their quotas.
Hedging Their (Political) Bets [Dealbook]